“Last year 54% of those who did the right thing by checking the FCA Warning List had been contacted by potential fraudsters via online sources, up from 45% in 2017.”

The FCA Warning List allows users to search for firms that are operating without the FCA’s authorization.

The majority of scams reported through the FCA call center were linked to forex, shares and bonds and digital currencies.

These sectors account for 85% of all investment scams reported in 2018.

The agency has warned people to be more aware during the first quarter, as more people are looking to invest before the tax year ends.

How Do Scammers Contact People?

Alvin Hall, a financial expert, and an experienced investor is helping the FCA educate the public on the tactics used by scammers.

The FCA has listed six warning signs to look out for when it comes to identifying potential scams:

Source: fca.org.uk

Alvin Hall said:

“If my 30 years of experience in investment markets has taught me anything, it’s this – regardless of how confident you are about what you’re investing in, you should also be just as confident you know whom you’re investing with. The FCA Warning List is a fantastic resource for smart investors to use to protect themselves from scams.”

The executive director of enforcement and market oversight at the FCA, Mark Steward said that the first quarter of the year is a time when people make financial plans for the year.

He asked people to always check the FCA register to be sure you are dealing with an authorized firm.

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